March 2020 was an interesting month as a result of the global pandemic. There was a clear difference in market activity between pre-COVID-19 current COVID-19 periods, despite a strong increase in sales for March 2020 as a whole. The impact of COVID-19 was clearly evident in the second half of March based on the number of sales reported. The uncertainty of the outbreak as well as the social distancing measures that were implemented were factors that contributed to the decline in sales since mid-March.
Here is a quick breakdown:
The MLS® Home Price Index Composite Benchmark price was up by 11.1 per cent year-over-year in March 2020.
The average selling price for March 2020 as a whole was $902,680 – up 14.5 per cent compared to March 2019.
The average selling price for sales reported between March 15 and March 31, was $862,563 – down from the first half of March 2020, but still up by 10.5 per cent compared to the same period last year
While the pandemic has clearly had an impact on the housing market, the numbers in late March still indicate there is activity in the marketplace. The sales figures for April will definitely give a better indication of the direction that the market is moving in and the effects that the government measures have had. Keep an eye out for our mid-April forecast update in the coming days that will provide further insights with the additional data that has been gathered.
If you are seeking help or need advice and guidance on how to navigate during this time, please reach out to us, we are always available to help! We are digitally enabled to assist and have implemented action plans as well as strategies during the practice of social distancing to ensure we are keeping you safe.
It’s our family helping yours!
- Kristina & Rey